- SHIB is building momentum with a bullish pattern that could lead to a major price jump.
- Analysts predict a sharp rise as Fibonacci retracement levels hint at a breakout path.
- Bitcoin’s market strength could possibly decide if SHIB holds key support levels.
Shiba Inu (SHIB) is flashing bullish signals as its price structure points to a potential 12x rally. According to CryptoELITES, SHIB is forming a cup-and-handle pattern, which is a bullish structure. The analysis outlines three main price targets: $0.000085171, $0.000183312, and an extended move to $0.000472905. If this formation works out, SHIB could witness a breakout, which could possibly rewrite its market trajectory.
Source: X
Cup-and-Handle Formation Points to Breakout
The SHIB/USDT chart highlights an accumulation phase, forming a curved bottom structure with obstacle zones aligning at previous swing highs. The 0.618 Fib at $0.000031 has acted as an important resistance point, with rejections reinforcing its need. A breakout above this area could ignite an upward move, with the first target at $0.000085171.
A successful rally past this mark would pave the way for a 12x increase, with extensions indicating a probable upside toward $0.000183312. If momentum holds, the token could further extend to $0.000472905, which would represent one of its strongest bull cycles in recent history.
Market Sentiment and Bitcoin’s Influence
CryptoELITES notes that Bitcoin’s dominance has also in some way impacted SHIB’s price action. As BTC dominance declines, altcoins like SHIB typically absorb market liquidity, leading to rapid surges. If BTC consolidates or moves sideways, SHIB could attract more trading volume, strengthening its bullish structure.
Plus, the daily increasing popularity of the token on social media may also lead to heightened speculative interest. A supportive technical backdrop further increases the odds of an upward move.
Related: Shiba Inu Ecosystem’s LEASH Token: A Comprehensive Analysis
Will SHIB Sustain Its Momentum?
SHIB’s ability to hold key support levels will determine the success of this bullish setup. A retest of the ascending trendline on the chart would increase the chances of an uptick. However, failure to break the $0.000031 resistance zone could result in temporary retracements, delaying the breakout scenario.
If buyers step in aggressively, SHIB could enter price discovery mode, with Fib extensions guiding it toward $0.000472905. With historical trends favoring altcoins in periods of reduced BTC dominance, the coin appears to be positioning itself for a huge rally. The coming weeks will be crucial in determining the possibility of the 12x move.
